Dawnay, Day Treveria announced pre-close portfolio update (UK)

Dawnay, Day Treveria PLC announces that between 31 December 2006 and 30 June 2007, it has completed the acquisition of 71 properties with a total purchase price of &#128;331 million.

The net initial yield of these acquisitions is 6.2%, rising to 6.5% when they are fully let. The properties consist of high street shops (50% by value), shopping centers (16% by value) and retail warehouses (34% by value).

As at 17 July 2007, a further 70 properties with a total purchase price of approximately &#128;338 million have been notarized and another 23 properties with a total purchase price of approximately &#128;261 million are in solicitors' hands. In aggregate the value of all properties completed, notarized or in solicitors' hands is &#128;2,645 million.

Current trading
Treveria continues to make progress towards full investment and remains committed to acquiring good quality assets at attractive yields. Over the last few months, competition for assets has intensified and swap rates have risen. Treveria continues to see a strong pipeline of potential acquisitions, both large portfolios and smaller properties, however the asset manager believes it is right to be more selective in the current market environment in order to deliver superior returns to its shareholders.